PANews reported on April 14th, citing CoinDesk, that U.S. Representatives Steven Horsford and Max Miller have reintroduced the PARITY Act, aimed at revising the IRS's handling of crypto taxes. The bill, initially released as a draft for discussion last December, was reissued on March 26th for further consideration. The bill removes the previous $200 tax-free threshold for small transactions, stipulates that when using regulated payment stablecoins for transactions, no gain or loss will be recognized unless the taxpayer's cost basis for holding the stablecoin is less than 99% of its redemption value, and sets a $1 recognized cost basis for exchange transactions. The bill also applies wash trading rules to digital asset transactions and distinguishes between "passive staking" and trading activities. The next steps for the bill are unclear, but industry insiders expect strong pushes to incorporate crypto provisions into potential tax legislation.